Author: Craig Raw 2021-06-23 08:22:48
Published on: 2021-06-23T08:22:48+00:00
A proposal for a derivation path scheme for keys to be used in single key Taproot scripts has been made by Andrew Chow. The proposed approach is based on BIP 44 and is identical to BIPs 49 and 84. The value to be used in the purpose level will be set to the BIP number once assigned. The derived keys should be for the Taproot internal key, which should then be tweaked with the hash of itself as recommended by BIP 341. These keys should not be used directly as the Taproot output pubkey. This BIP does not specify new version bytes for extended key serialization because descriptors have made it unnecessary. The proposed derivation scheme will allow HD wallets that only have a backup of the HD seed to recover single key Taproot outputs. Although there are solutions which obviate the need for fixed derivation paths for specific script types, many software wallets and hardware signers still use seed backups which lack derivation path and script information. Thus, the same approach used in BIPs 49 and 84 is largely used for ease of implementation.To derive a public key from the root account, this BIP uses the same account-structure as defined in BIPs 44, 49, and 84 but with a different purpose value for the script type. The address derivation method recommended in BIP 341 is used to derive the output key used in the P2TR script from the derived public key. This proposal is not backwards compatible by design, but it is based on the same method used in BIPs 44, 49, and 84 so it should not be difficult to implement. Test vectors are yet to be determined. Links to BIP32, BIP43, BIP44, BIP49, BIP84, and BIP341 are provided for further reference.
Updated on: 2023-06-14T23:29:10.604033+00:00